Citigroup Cuts Workday (NASDAQ:WDAY) Price Target to $270.00

Workday (NASDAQ:WDAY) had its target price dropped by Citigroup from $274.00 to $270.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s target price points to a potential upside of 11.12% from the stock’s current price.

Other analysts also recently issued reports about the company. Piper Sandler reissued an “overweight” rating and issued a $285.00 target price on shares of Workday in a report on Wednesday, September 18th. Needham & Company LLC decreased their price objective on Workday from $350.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Stifel Nicolaus lifted their target price on shares of Workday from $250.00 to $270.00 and gave the company a “hold” rating in a report on Friday, August 23rd. DA Davidson increased their price target on shares of Workday from $255.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Finally, JMP Securities restated a “market outperform” rating and issued a $315.00 price objective on shares of Workday in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $287.04.

Workday Stock Down 1.6 %

NASDAQ:WDAY traded down $3.98 during trading hours on Wednesday, hitting $242.97. The company’s stock had a trading volume of 635,047 shares, compared to its average volume of 2,193,856. The stock has a market capitalization of $64.39 billion, a P/E ratio of 43.77, a price-to-earnings-growth ratio of 4.87 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average of $237.96 and a 200-day moving average of $241.69. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities analysts forecast that Workday will post 2.39 earnings per share for the current year.

Insider Activity at Workday

In related news, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $260.32, for a total value of $1,952,400.00. Following the completion of the transaction, the director now directly owns 97,500 shares in the company, valued at $25,381,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $223.80, for a total value of $12,532,800.00. Following the transaction, the insider now directly owns 674,000 shares of the company’s stock, valued at approximately $150,841,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $260.32, for a total value of $1,952,400.00. Following the sale, the director now directly owns 97,500 shares of the company’s stock, valued at approximately $25,381,200. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 467,402 shares of company stock valued at $109,864,184. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently modified their holdings of WDAY. The Manufacturers Life Insurance Company lifted its position in Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after buying an additional 1,016,394 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Workday by 17,345.2% in the 2nd quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock valued at $208,068,000 after acquiring an additional 925,366 shares during the period. Vanguard Group Inc. boosted its position in Workday by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 14,448,125 shares of the software maker’s stock worth $3,988,549,000 after purchasing an additional 437,215 shares during the period. D1 Capital Partners L.P. lifted its stake in shares of Workday by 152.1% during the second quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock worth $115,804,000 after purchasing an additional 312,500 shares in the last quarter. Finally, Kodai Capital Management LP acquired a new stake in shares of Workday in the fourth quarter valued at about $85,994,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Company Profile

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.